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3 years ago

What is the difference between a checking account debit card and a gift card?

1 answer:

6 0

A gift card is something that anyone, of any age, can buy. This card works only at the certain business it is for. Such as a Burger King gift card, you can only use that card at Burger King. A checking account debit card is a card you can use in any situation, as long as they have the proper equipment. This card extracts money from your banking account, whereas the gift card has a set amount of money on it. Also, a checking account debit card is only given to people 18 and over, since signing a check is technically signing a contract, and using a debit card goes along the same lines as signing a check.

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g Hondae Inc. purchased equipment on January 1, 2018, at a cost of $320,000. The company estimated a $8,000 salvage value and th

klasskru [66]

Answer:

Honda Inc.

Journal

To correct the error:

Debit Retained Earnings $21,600

Credit Accumulated Depreciation $21,600

To record the correction of depreciation error.

For the current year:

Debit Depreciation Expense $31,200

Credit Accumulated Depreciation $31,200

To record the depreciation expense for the year.

Explanation:

a) Data and Calculations:

January 1, 2018 Purchase of Equipment at a cost = $320,000

Estimated salvage value = $8,000

Recorded salvage value = $80,000

Estimated useful life = 10 years

Annual depreciation expense based on recorded salvage value = ($320,000 - 80,000)/10 = $24,000

Accumulated depreciation for 3 years (2018 to 2020) = $72,000 ($24,000 * 3 years)

Correct annual depreciation expense = ($320,000 - 8,000)/10 = $31,200

This means that depreciation expense was being understated annually by $7,200 ($31,200 - $24,000).

4 0

2 years ago

Congratulations, you are a millionaire. No, the Delaware Lottery office did not call. However, an officer from Bank of America h

nevsk [136]

Part A

Answer:

$207,021

Explanation:

The balance on the account at the end of the year 2020 is $1,000,000

The question asks us to calculate the balance on the account at the end of the year 1970, which is exactly 50 years ago.

We would simply discount the $1,000,000 by using an interest rate of 3.2%

$PV_{1970}$ = $\frac{1000000}{(1 + 0.032)^{50} }$ = $207,021

Part B

Answer:

$17,892.88

Explanation:

We have the value at year 1970 which is $207,021

Now to calculate the annual payment (PMT) we would plug the following values in the financial calculator,

PV = 0

N = 10

FV =207021

I/Y = 3.2

PMT = ?

PMT = $17,892.88

https://www.calculator.net/finance-calculator.html?ctype=contributeamount&ctargetamountv=207021&cyearsv=10&cstartingprinciplev=0&cinterestratev=3.2&ccontributeamountv=1000&ciadditionat1=end&printit=0&x=102&y=11

4 0

3 years ago

A firm will find it profitable to hire workers up to the point at which their rev: 06_21_2018 Multiple Choice marginal resource

Nataliya [291]

Answer:

marginal resource cost is equal to their MRP

Explanation:

A business's profit will maximize when its marginal resource cost equals its marginal revenue product.

Marginal revenue product calculated by multiplying the marginal physical product (MPP) times the marginal revenue (MR), e.g. an additional worker can produce 10 units and each unit costs $10, MRP = 10 x $10 = $100

Marginal resource cost is the cost of using an additional unit of input, e.g. cost of hiring an additional worker.

4 0

3 years ago

Under what economic system do all businesses operate only as directed by the government?

Sergeu [11.5K]

hello there your answer would be communism

7 0

2 years ago

I WILL MARK THE BRAINLIEST

Nikitich [7]

Answer: B

Explanation: Cockroaches have a strong oily odor from them.

6 0

3 years ago